Technical Research | January 20, 2012

Daily Technical Report

Sensex (16633) / NIFTY (5018)

Exhibit 1: Nifty Daily Chart

Yesterday, markets opened on a higher note in-line with

strong positive cues from other Asian markets and then

moved in a narrow range which led indices to give a close

above the psychological level of 5000. On the sectoral

front, Realty, Metal and Power sectors were among the

major gainers, whereas IT and Teck ended marginally in

the negative territory. The advance to decline ratio was in

strongly favor of advancing counters. (A=1802 D=985)

(Source -www.bseindia.com)

Formation:

• The 20-day EMA (Exponential Moving Average) has

now shifted to the 16050 / 4820 level.

Source: Falcon

Trading strategy:

After a gap up opening, indices traded in a narrow range

during the first half and convincingly managed to sustain

Actionable points:

above

78.6% Fibonacci retracement resistance level of

View

Neutral

16600 / 4976. Going forward, indices are likely to rally

Resistance levels

5024 - 5050 - 5100

Support levels

4980 - 4970 - 4931

towards 16848 - 17004 / 5050 - 5100, if they sustain

above yesterday’s high of 16662 / 5024. On the downside,

yesterday’s upside gap area of 16517 to 16572 / 4980 to

4991. A sustainable move below 16517 / 4980 may lead

to a minor correction towards next support levels of 16500

- 16384 / 4970 - 4931. Traders with are advised to lighten

up positions and partial book profits as the markets edge

higher towards the levels of 16848 - 17004 / 5050 - 5100.

For Private Circulation Only |

Technical Research | January 20, 2012

Bank Nifty Outlook - (9199)

Exhibit 2: Bank Nifty Daily Chart

Yesterday, once again Bank Nifty opened with an upside

gap, and gained momentum as the day progressed to close

near day’s high. However, we are observing narrow range

body formation on the hourly chart which suggests

exhaustion. The momentum oscillator stochastic is currently

placed in an overbought condition. Also on the hourly chart

we are observing a bearish formation called “Wolfe Wave”

This formation needs confirmation in the form of a move

below 9130. In this case the Index is likely to correct towards

8900 - 8850 levels. On the other hand only if the index

manages to sustain above yesterday’s high of 9213 then it is

likely to test the resistance zone of 9275 - 9323.

Actionable points:

Source: Falcon

View

Bearish

Sell Below

9130

Expected target

8900 - 8850

Resistance level

9275 - 9323

For Private Circulation Only |

Technical Research | January 20, 2012

Daily Pivot Levels for Nifty 50 Stocks

SCRIPS

PIVOT

SENSEX

16,536

16,590

16,626

16,680

16,716

NIFTY

4,979

4,998

5,011

5,031

5,043

BANKNIFTY

9,067

9,133

9,173

9,239

9,279

ACC

1,109

1,130

1,154

1,175

1,199

AMBUJACEM

156

158

160

162

164

AXISBANK

935

945

953

963

971

BAJAJ-AUTO

1,401

1,434

1,458

1,492

1,516

BHARTIARTL

332

336

341

345

349

BHEL

254

260

269

275

284

BPCL

524

533

541

550

557

CAIRN

340

344

348

352

356

CIPLA

325

328

332

336

339

DLF

201

206

209

213

216

DRREDDY

1,638

1,669

1,686

1,718

1,735

GAIL

363

366

369

372

375

HCLTECH

412

415

419

423

426

HDFC

681

687

691

697

701

HDFCBANK

476

481

486

491

496

HEROMOTOCO

1,841

1,873

1,902

1,935

1,964

HINDALCO

140

143

145

148

150

HINDUNILVR

384

388

392

395

399

ICICIBANK

772

785

793

806

815

IDFC

117

119

121

123

124

INFY

2,552

2,573

2,598

2,619

2,644

ITC

207

208

209

211

212

JINDALSTEL

503

510

516

523

529

JPASSOCIAT

KOTAKBANK

461

468

471

478

481

1,233

1,255

1,268

1,290

1,304

M&M

654

663

680

690

706

MARUTI

1,096

1,113

1,124

1,141

1,152

NTPC

162

167

170

174

177

ONGC

261

266

270

276

280

PNB

901

906

911

917

922

POWERGRID

100

101

102

RANBAXY

454

459

462

467

470

RCOM

RELCAPITAL

317

323

329

336

341

RELIANCE

774

780

788

794

802

RELINFRA

431

458

474

501

517

RPOWER

SAIL

SBIN

1,853

1,869

1,891

1,906

1,928

SESAGOA

183

186

190

193

197

SIEMENS

729

737

746

754

763

STER

107

111

113

118

120

SUNPHARMA

508

518

525

534

542

SUZLON

TATAMOTORS

215

216

218

220

222

TATAPOWER

100

102

106

108

TATASTEEL

424

430

436

442

448

TCS

1,053

1,064

1,077

1,088

1,100

WIPRO

394

399

404

409

414

Technical Research Team

For Private Circulation Only |

Technical Report

RESEARCH TEAM

Shardul Kulkarni

Head - Technicals

Sameet Chavan

Technical Analyst

Sacchitanand Uttekar

Technical Analyst

Mehul Kothari

Technical Analyst

Ankur Lakhotia

Technical Analyst

For any Queries, Suggestions and Feedback kindly mail to [email protected]

Research Team: 022-3952 6600

Website: www.angelbroking.com

DISCLAIMER: This document is not for public distribution and has been furnished to you solely for your information and must not

be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe

these restrictions.

Opinion expressed is our current opinion as of the date appearing on this material only. While we endeavor to update on a

reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us

from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be

subject to change without notice. Our proprietary trading and investment businesses may make investment decisions that are

inconsistent with the recommendations expressed herein.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable

sources believed to be true and are for general guidance only. While every effort is made to ensure the accuracy and completeness of

information contained, the company takes no guarantee and assumes no liability for any errors or omissions of the information. No

one can use the information as the basis for any claim, demand or cause of action.

Recipients of this material should rely on their own investigations and take their own professional advice. Each recipient of this

document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the

securities of companies referred to in this document (including the merits and risks involved), and should consult their own advisors to

determine the merits and risks of such an investment. Price and value of the investments referred to in this material may go up or

down. Past performance is not a guide for future performance. Certain transactions - futures, options and other derivatives as well as

non-investment grade securities - involve substantial risks and are not suitable for all investors. Reports based on technical analysis

centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals

and as such, may not match with a report on a company's fundamentals.

We do not undertake to advise you as to any change of our views expressed in this document. While we would endeavor to update

the information herein on a reasonable basis, Angel Broking, its subsidiaries and associated companies, their directors and

employees are under no obligation to update or keep the information current. Also there may be regulatory, compliance, or other

reasons that may prevent Angel Broking and affiliates from doing so. Prospective investors and others are cautioned that any

forward-looking statements are not predictions and may be subject to change without notice.

Angel Broking Limited and affiliates, including the analyst who has issued this report, may, on the date of this report, and from time

to time, have long or short positions in, and buy or sell the securities of the companies mentioned herein or engage in any other

transaction involving such securities and earn brokerage or compensation or act as advisor or have other potential conflict of interest

with respect to company/ies mentioned herein or inconsistent with any recommendation and related information and opinions.

Angel Broking Limited and affiliates may seek to provide or have engaged in providing corporate finance, investment banking or

other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or

in the past.

Sebi Registration No : INB 010996539

For Private Circulation Only |